motor insurance

[keiser]

Hi

Juz received a few motor insurance quotes and noticed it increased again even though there is no claims etc whatsoever. Wonder anybody here has the same experience?

 

[Miao]

Yup ... what can u do abt it ...? Nothing except suck thumb.

 

[daredevil123]

Time to look for alternatives. Aviva or directasia are a lot cheaper than the agent driven ones.

 

[Bukitimah]

I also don't like it. Once upon a time we have 3rd party. Wonder what happen

 

[trd2970]

How about from your existing insurer?

 

[keiser]

Tried. Not really ..

Time to look for alternatives. Aviva or directasia are a lot cheaper than the agent driven ones.

 

[keiser]

Hmmm, I wonder if there is kind of oversight or regulation on this ... ?

Yup ... what can u do abt it ...? Nothing except suck thumb.

 

[Bukitimah]

Just to add. Why NCB stop at 50%? Can't they continue to reduce till a min amount to cover admin cost? Isnt no claim good for them?

 

[Octarine]

Just to add. Why NCB stop at 50%? Can't they continue to reduce till a min amount to cover admin cost? Isnt no claim good for them?

They probably would do that - if they were a charity.

 

[keiser]

I don’t think people are expecting them to operate at “charity” level, but there should be at least greater level of transparency e.g. how premium are derived and if there is oversight on margins etc. … if this is the case, for a start it might help to change the perception that the most “unproductive” parts of the economy (e.g. FIRE) are gaining unreasonable level of profitability don’t you think?

They probably would do that - if they were a charity.

 

[-120-]

Just to add. Why NCB stop at 50%? Can't they continue to reduce till a min amount to cover admin cost? Isnt no claim good for them?

Insurance is like a gambling game. Dealer wins when there is no claim, we win when something happens to our ride, and get covered for mistake we made.

 

[ryanlio]

In insurance the dealer ALWAYS win, collectively.. premiums increase because there are holes for others to exploit.. Instead of GIA coming in, the simple thing is to raise premiums.. my case of 6 years is still open.. nobody cares as long as the $$ comes in for the dealers. . Worst thing is when I called my insurance on the situation of scam accidents. ., they told me my situation bo bian.. lan lan.. The industry is rigged.